Bollinger band reading : upside biased.
MACD Histogram : turned upward, buyer in control.
Support : 3070, 3050, 3020, 2970 level.
Resistance : 3100, 3150, 3200, 3250 level.
Comment :
FCPO closed recorded substantial gains with increasing volume particiaption. Soy oil price currently trading firmer after last Friday rallied substantially higher while crude oil price currently pullback lower after surging siginificantly higher last Friday.
Crude palm oil price rallied reaching 1 month high after export data reported by 2 cargo surveyor improved amid strong demand due to coming Ramadan festival plus dryer weather development across America pressure higher soy bean and soy oil prices and positive development over Europe region.
Technical daily chart study turned to suggesting an upside biased market development breaking out from 3060 resistance turned supoort level today.
When to buy : buy at support or weakness with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
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